Fed’s Lacker sees taper condition already met

Richmond Fed President Jeffrey Lacker, a critic of the Fed’s third round of asset purchases, said Thursday that a case can been made for scaling back bond buying since the outlook for the U.S. labor market has improved compared to last year.

Speaking in Newport News, Va., Lacker said he opposed the purchase program when it originated last September and was ready for tapering “last October,” according to Reuters.

“We’ve seen a substantial improvement in labor market conditions since we initiated the program. A good case can be made that that condition has been met,” he said.

Lacker isn’t a voting member of the Fed’s policy-making committee this year. He made a case as recently as last week for ending QE3 – shorthand for the Fed’s buying $85 billion a month in Treasurys and mortgage-related assets.